I know what it stands for, and I have seen it for many years (it used to cost money to join, right?), but in all honesty, I have no idea what purpose it serves.
I've been playing since 1st edition, so I'm not new to the game, just completely ignorant about this aspect. Lately I have been seeing more and more posts about it(and they are not very flattering).
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Basically, the RPGA provides adventures for a variety of game systems.
It doesn't cost anything to join anymore.
The RPGA hosts a variety of campaigns, all named "Living .." in reference to the fact that those settings evolve through the actions of the players involved, not through sourcebooks written by a few people.
The settings include both D&D settings (EB, FR, GH, and SW) and d20 settings (Arcanis, KoK, etc..) from other companies.
More Infos here:
http://www.wizards.com/default.asp?x=rpga/hq/newcomers